Audit Response to COVID-19 Pandemic
Our response and significant findings
In light of COVID-19, we were collectively able to maintain regular reporting timelines for the audit of the Corporation by continuing to work effectively with management while in a remote and virtual working environment. The continuity of staff allowed us to work effectively and efficiently with management in order to complete the audit.
KPMG’s Department of Professional Practice released a COVID-19 audit checklist for audit teams across Canada to provide a consistent approach in addressing pandemic related implications on financial reporting and internal controls. We obtained an understanding of how controls and operations have changed at the Corporation as a result of COVID-19. Based on discussions with management, operations continued to function effectively and there have been no significant changes to key controls surrounding financial reporting into fiscal 2020.
As part of our audit procedures, we performed the following:
- Detailed assessment of the impact COVID-19 on the Corporation, including impact on its operations and assessing any potential write-down of tangible capital assets or investments through management inquiries and review of available financial information.
- Discussions with management and staff to confirm the consistency of key financial reporting controls into fiscal 2020.
- Ensuring appropriate presentation and disclosure related to COVID-19 in the financial statements. A new financial statement note has been drafted detailing the impact of COVID-19 on the Corporation. See Note 17 to the financial statements.
Resources for management and Council
COVID‐19 Alerts (Live Link)
Please visit our COVID-19 website for resources regarding the topics below. This site is being updated daily based on information being released by Federal, Provincial and Municipal news releases.
- Business continuity guide
- Immediate actions to take
- Medium to long-term actions
- Tax considerations and a summary of Federal and Provincial programs
- Legal considerations
- Financial reporting and audit considerations
- Global perspective